Danger! Pulling the Plug on BitShares?

[xeroc]

in some coments i think bytemaster said that with the last upgrade for BTS 1.0 a freeze of the blockchane will be done and you can not transfer the coins anymore.

question is if the exchanges are aware of it and will freeze the trading, because they do it on their internal system.

No one is holding them back .. they just have to move over deposits and withdrawals to the BTS2 chain .. BitShares 2.0 will NOT be a separated market .. it's an upgrade of the existing technology

[Shentist]

in some coments i think bytemaster said that with the last upgrade for BTS 1.0 a freeze of the blockchane will be done and you can not transfer the coins anymore.

question is if the exchanges are aware of it and will freeze the trading, because they do it on their internal system.

[Ander]

Dumping your bts v1 to others as fast as one can is not fair for others that may not follow these forums everyday and may have open orders at ridiculous low prices. People who don't have problems with their clients will transfer their bts1 in the exchanges after the snapshot and dump to people who don't know what is happening, while others will struggle making their client to work in order to do the same..

On the other side I do agree that maybe both versions can survive so having bts1 could not be entirely worthless after bts2 but judging at today's market cap i don't think this will be the case..

Having said all that I think we need a clarification regarding how this is going to take place so we have all the same opportunities and choices..In order to avoid complications and people moaning around later on I am personally in favor of bts1 to freeze forever once bts2 is share dropped so not anyone can dump shares to others.

Exchanges need to upgrade, and use only the new BTS 2.0, and not use the old version anymore.  That is the point of the 30 day announcement to get exchanges to upgrade.

It would be seriously damaging to the future of BTS if there were two different versions running around, and the community was split.  (Just like if Bitcoin XT came out and was only accepted by some of the people and exchanges, and both it and original Bitcoin were both still around).


When you fork, the whole community needs to get behind one fork. 

[monsterer]

That's something that has always happened during the other snapshots. But if people want to avoid that this time, why not simply import your wallet in the new client? Just like a client upgrade or something. No need for snapshots. You import it and you have the same balance as you had previously, but in the new client. Why do we need a snapshot?

Because 2.0 is a totally different blockchain, basically its a different altcoin than the current bitshares.

[mf-tzo]

The way I understand it is that there will be a snapshot and at that time all open orders and margin orders and anything open on the DEX will be cancelled. Can someone please confirm this?

Then once the snapshot happens one can transfer his BTS on external exchanges and dump if he wish so. Then I can upload my wallet on the new DEX and I will see the new BTS and bitassets even if by that time i have sold all the BTS in external exchanges and is at that time empty (since it won't be empty at the time of the snapshot). Can someone please confirm that this is correct?

Don't you think that this will hurt BTS marketing wise and many people will start complaining that they bought uselless BTS from the exchanges? I remember when the whole DNS thing happened that suddenly everyone dumped their DNS and by the time I could dump my DNS on the exchanges they were worthless.That wasn't a very nice experience since I was planning to hold my DNS and this decision came into public the last minute...

[Akado]

Dumping your bts v1 to others as fast as one can is not fair for others that may not follow these forums everyday and may have open orders at ridiculous low prices. People who don't have problems with their clients will transfer their bts1 in the exchanges after the snapshot and dump to people who don't know what is happening, while others will struggle making their client to work in order to do the same..

On the other side I do agree that maybe both versions can survive so having bts1 could not be entirely worthless after bts2 but judging at today's market cap i don't think this will be the case..

Having said all that I think we need a clarification regarding how this is going to take place so we have all the same opportunities and choices..In order to avoid complications and people moaning around later on I am personally in favor of bts1 to freeze forever once bts2 is share dropped so not anyone can dump shares to others.

That's something that has always happened during the other snapshots. But if people want to avoid that this time, why not simply import your wallet in the new client? Just like a client upgrade or something. No need for snapshots. You import it and you have the same balance as you had previously, but in the new client. Why do we need a snapshot?

[chryspano]

Dumping your bts v1 to others as fast as one can is not fair for others that may not follow these forums everyday and may have open orders at ridiculous low prices. People who don't have problems with their clients will transfer their bts1 in the exchanges after the snapshot and dump to people who don't know what is happening, while others will struggle making their client to work in order to do the same..

On the other side I do agree that maybe both versions can survive so having bts1 could not be entirely worthless after bts2 but judging at today's market cap i don't think this will be the case..

Having said all that I think we need a clarification regarding how this is going to take place so we have all the same opportunities and choices..In order to avoid complications and people moaning around later on I am personally in favor of bts1 to freeze forever once bts2 is share dropped so not anyone can dump shares to others.

It's more than a few weeks that the news about bitshares 2.0 is out and it will be alot more time than 1 month until bitshares 2.0 is ready, plenty of time for everyone to act accordingly, everyone that places orders in external exchanges and forgets about them deserves all the pain he can get.

[mf-tzo]

Dumping your bts v1 to others as fast as one can is not fair for others that may not follow these forums everyday and may have open orders at ridiculous low prices. People who don't have problems with their clients will transfer their bts1 in the exchanges after the snapshot and dump to people who don't know what is happening, while others will struggle making their client to work in order to do the same..

On the other side I do agree that maybe both versions can survive so having bts1 could not be entirely worthless after bts2 but judging at today's market cap i don't think this will be the case..

Having said all that I think we need a clarification regarding how this is going to take place so we have all the same opportunities and choices..In order to avoid complications and people moaning around later on I am personally in favor of bts1 to freeze forever once bts2 is share dropped so not anyone can dump shares to others.

[monsterer]

IMO the 2.0 sharedrop should be exactly that, a sharedrop, not a hostile takeover. Let the market decide which chain should survive.

[mf-tzo]

The old bitshares chain can just live on if it has enough support from delegates and users! Bitshares 2.0 is just a new chain that honors the old bitshares 1.0 shareholders 1:1. Everyone is free to choose whichever chain he likes.

This isn't true (as far as I know) - the final update for 1.0 chain will include a hard fork which essentially freezes the chain completely and forever. No doubt this will be a required update for all the delegates.

I hope monsterer has this right otherwise people will keep BTS in external exchanges that honor the snapshot and once the snapshot is done they will dump to others who don't know what's going on..Or keep their bts in their wallet and then transfer to exchanges and dump them after the snapshot..that will not be very fair for the outsiders..

[monsterer]

The old bitshares chain can just live on if it has enough support from delegates and users! Bitshares 2.0 is just a new chain that honors the old bitshares 1.0 shareholders 1:1. Everyone is free to choose whichever chain he likes.

This isn't true (as far as I know) - the final update for 1.0 chain will include a hard fork which essentially freezes the chain completely and forever. No doubt this will be a required update for all the delegates.

[Riverhead]

For that amazing gif I am pulling out a classic.

[Tuck Fheman]

Proogh

[Riverhead]

Proogh

[Tuck Fheman]

The Internet runs on more than cats.